Twenty years ago, when I first entered the revered doors of an auction house, I was overwhelmed, and I asked myself, “how can anyone or any business know so much about so many things”? Well it only took me a few auctions to realize that they really do not know everything about everything they’re selling. En garde, my foray into the world of auction.

As time went by, I made my mistakes, but I also learned quickly when it involved my money. The first thing I learned is that I knew little about value. Over time, I came to learn that real values can be an elusive and the disciple of appraisal is a comprehensive study.

My opener involved an artwork, which turned out, to be one of those example accomplished on uh… “One of his bad days?”. Verily and sadly, I had bought the name and frankly, that was about it. I remember giving it as a Christmas gift to one of my brothers only to receive it back the next year; reminiscent of Christmas fruit cakes and New Orleans Saints season tickets…. Wait the saints are winning… What’s that about?) My value mantra now reads, bad, better, excellent and exceptional. (Good)

My second gaffe was when I purchased a minor painting by Franz Richard Unterberger from a fairly well known auction house for “the right price”! Unfortunately, as it turned out, it was not actually by that artist according to three independent experts, all of which panned the painting. Of course, by the time I figured it out, the auction house told me that my right to return the picture had expired. Never mind misrepresentation and the expert’s opinions. The auction house stood by their attribution, claiming that it was “an early work.” I guess that rather equates to buying an “early” crayola on paper from Picasso’s third grade drawing class. See figure 1.  (Bad)

Since many events seem to happen in trios, lets continue with the third ghost of Christmas past, when I purchased an artwork by a well known artist only to find out that that I had overpaid for it, “at auction of course”. As it turned out, I managed to place myself into the middle of a bidding campaign between two well-to-do privates (non-dealers), one couple that had just recently finished a three-martini? lunch at Cipriani’s (so said the specialist) and the other whose wife really had to have it because it simply matched the bathroom’s pastel colors. This painting currently adorns my mantle over the non-pastel fireplace. (Ugly)

Therefore, as it turns out, value truly can be a very elusive concept, one not to be treated lightly. By definition, value is “a fair return or equivalent in goods, services, or money for something exchanged under normal circumstances.” (I categorize my latter faux pas as temporalis duress). Overpayment never helps the buyer much when he attempts to resell and there are for some odd reason no takers. I wish auction companies had a buy-back policy in place.

Value is more than this; value should be approached as a long-term concept with serious consequences if not fully researched. Real values stand the test of time, supersede short-term fads, and are not subject to the latest “thing,” sorry Damien Hurst. (Please…. a 100 million dollar diamond skull…or should I say numb-skull!) Instead of bejeweled skeletons for value, I recommend you take a look at Hohenberg’s “A Friendly Discussion.”

The 7th Annual Tales of the Cocktail experience recently brought “spirited” enthusiasts to New Orleans for libations and camaraderie. On July 7th, M.S. Rau Antiques played host for a reception put on by Martin Miller’s Gin for Internet bloggers, where web diarists from across the country gathered to catch up, sip cocktails and enjoy our wine & spirit collection. Martin Miller’s Gin is celebrating their 10-year anniversary of distilling the world’s first super premium gin, and Martin Miller himself was onsite to discuss his story and passion for making a great gin.

Jon Santer serves Palin’s Christmas Punch at the event.

M.S. Rau Antiques proved to be the perfect setting for this event, as our stunning collection of wine & spirits antiques wowed the crowd. Our 1930’s Deco “Portable Bar” set was the hit of the night. Also attracting much attention was this silverplate monoplane cocktail set, which features everything needed to craft a delectable libation, including a shaker with strainer, a large inner flask, two hip flasks, 4 cups, a spoon with olive fork, a cork screw and a funnel. This particular model is now one of the rarest and most desirable items among collectors of distinguished cocktail memorabilia, ranking as one of the finest shakers ever created. Another favorite was an 1870’s Baccarat crystal cavé liqueur housed in a bronze-mounted, ebonized rosewood chest inlaid with ivory, tortoiseshell, brass and enamel. The set comprises three crystal decanters and 12 cordials all trimmed in gold.

This fantastic Art Deco cocktail set comes apart to reveal a shaker, strainer, large inner flask, two hip flasks,
4 cups, a spoon, a corkscrew and a funnel.

M.S. Rau's booth at the Chicago Show

I have always loved the Windy City…there is an energy in Chicago unlike any other city in the U.S. So, I was thrilled when we decided to exhibit at the Merchandise Mart International Antiques Fair, and a little nervous. Was it the right time to move into a new market with the economy still in the doldrums? While I have long been bullish on art and antiques, I tried to set realistic expectations. But, in true Chicago fashion, any concerns I might have had, were quickly laid to rest on opening night when our sales topped six figures.

Our conviction that art and antiques are a fine place to put your money in a troubled economy certainly rang true at the Chicago show. Over the course of the 5-day event, we sold more than 20 items, including paintings, jewelry, porcelain, furniture and even a few nice walking sticks. The highlight for me was the sale of the Enigma Machine, one of only three known to exist. Many believe this small, unassuming box held the key to winning WWII. Not the most beautiful piece in our booth, by any stretch, but certainly one of the most fascinating treasures we’ve ever had the pleasure to offer.

Paintings were also a big hit…two of our premiere canvases, a superb Renoir and a work by Vibert, were sold at the show. Both were exceptional works and I trust that our clients will enjoy them for many years to come.

I was very pleased to see the variety of pieces that sold, which tells me that people are feeling more comfortable these days collecting what they are really passionate about…whether it was the piano stool with bronze boots for legs, or the fantastic butterfly cabinet filled with stunning butterfly specimens, or the fine tortoiseshell tea caddy. Our goal is always to bring a variety of pieces to every show we do, and we were certainly rewarded for it in Chicago.

And, it wasn’t all work for us at the show! We always enjoy seeing our clients, eating at great restaurants and taking in a few sites after the show closes…Chicago was the perfect town for that. We can’t wait for next year!